Tim Waterstone is developing a new e-book short story subscription service

Mr Waterstone said: "I think you read and hear more garbage about the strength of the e-book revolution than anything else I've known," the Telegraph reported.

He set up the book shop chain in 1982 and sold it in 1993. It is now owned by Russian billionaire Alexander Mamut.

'Immovable' product

Mr Waterstone added: "The [physical] product is so strong, the interest in reading is so deeply rooted in the culture and human soul of this country that it is immovable.

"The traditional, physical book is hanging on. I'm absolutely sure we will be here in 40 years' time."

His comments come a year after he announced the development of Read Petite, an subscription service for short stories on e-book.

"I am certain that if more people acquire the habit of reading, the more they'll stick with it and the more they'll read," he told The Guardian last April. "And if that's going be entirely digital in 50 years' time, so be it."

He also said during the interview: "Anyone who tells you they know the future is telling you the most grotesque lie, because none of us do."